Question
A bank customer takes out a loan of 1500 with a 12% nominal interest rate convertible every four months. The customer makes payments of 60
A bank customer takes out a loan of 1500 with a 12% nominal interest rate convertible every four months. The customer makes payments of 60 at the end of each quarter. Calculate the amount of principal in the fourth payment. Select one:
A. 0.0
B. 0.9
C. 2.7
D. 5.2
E. There is not enough information to calculate the amount of principal
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Introduction To Finance Markets Investments And Financial Management
Authors: Ronald W. Melicher, Edgar A. Norton
14th Edition
0470561076, 9780470561072
